Corydon, Iowa Property Taxes
The median property tax rate in Corydon, IA is 1.75%, considerably higher than both the national median of 0.99% and the Iowa state median of 1.54%. With the median home value in Corydon at $95,450, the typical annual property tax bill reaches $1,572, which is still below the national median of $2,690. Property taxes in Corydon are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Corydon's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Corydon or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Corydon, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.75%
Estimate Property Tax Bill
$1,670
Ownwell’s Corydon Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Corydon with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Corydon to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Corydon, Iowa
Property taxes in Corydon, Iowa, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Corydon is 1.75%, significantly higher than both the Iowa state median and the U.S. national median of 0.99%. Local government entities within Corydon set these rates annually, and they can vary significantly across different neighborhoods. Each year, Corydon estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Corydon's effective property tax rate to other counties in Iowa and the national median. For comparison, the 50060 zip code has the highest median property tax rate of 1.75%, while the 50060 zip code also has the lowest median tax rate of 1.75%. Understanding how these cities compare with Corydon provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Corydon Tax Rate
1.75%
Average Wayne County Tax Rate
1.58%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Corydon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50060 | 1.24% | 1.38% | 1.75% | 2.02% | 2.09% |
Source: Ownwell
Property Tax Assessment Values Across Corydon, Iowa
In Corydon, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Wayne County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Corydon, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Corydon helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price is $95,450, with tax bills ranging from $872 at the 25th percentile to $3,591 at the 90th percentile. The highest and lowest median tax bills are both $1,572 in zip code 50060.
Average Corydon Assessed Value
$95,450
Average Wayne County Assessed Value
$80,110
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Corydon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50060 | $29,200 | $52,850 | $95,450 | $149,915 | $226,910 |
Source: Ownwell
Property Tax Bills Across Corydon, Iowa
In Corydon, located in Wayne County, IA, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $95,450, homeowners can expect their tax bill to vary significantly. Factors such as property size, location, and improvements can influence the assessed value. The 25th percentile tax bill in Corydon is approximately $872, while the 75th percentile tax bill reaches about $2,454. At the 90th percentile, the tax bill can go up to $3,591. These figures illustrate the range of property tax obligations homeowners might face. Compared to the national median property tax rate of 0.99%, Corydon’s property tax rates can lead to varying financial impacts on homeowners, highlighting the importance of understanding local property tax policies and potential exemptions.
Average Corydon Tax Bill
$1,572
Average Wayne County Tax Bill
$1,272
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Corydon, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 50060 | $495 | $872 | $1,572 | $2,454 | $3,591 |
Source: Ownwell